National Republican., 1887-05-21
Tho Outlook.

A careful scrutiny Of the financial condi-
tion OF the country shows that there is now
rapidly approaching a most dangerous
stringency Of the money market-one that
threatens very serious consequences. Yes
terday morning we showed from the ad-
vance sheets Of the report of imports and
exports for April that the excess Of imports
over exports in that month was about $l7,-
O00,000. 1t is shown by the reports of the
railways leading to the ocean, that the trade
In the great cities Of the country has fallen
very far below the general average at this
season Of the year.
Thoughtful men seek the causes OF this
condition Of affairs, and they find it in the
SicinualsgiIatiAay ySu ny that body-in its
failure to pass such laws as every man could
see were demanded by the condition of the
country-in its stupidity refusing to enact
laws reducing the surplus that was inevit-
able If the laws were not changed.
Mr.. Manning, Secretary of the Treasury,
in bis report to Congress, said that $125,-
OG6,000-an average Of s12,500,000 each
month OF the fiscal year-would accumulate
in the treasury, and be there locked up,
unless some legislation was adopted to lessen
the income OF the government. Yet MIR.
Manning refused to recommend-in fact,
objected to the repeal of the tax levied
upon sugar, amounting during the year to
over S5O,OOO,OO0. He also objected to
the repeal Of the tax on tobacco, producing
S80,000,000. This was the action OF the
Democratic executive department OF the
government.
With full knowledge that there was an
immense surplus fund-wlth full knowledge
that both these taxes could be removed,
there being majority in both houses of
Congress in favor Of the removal-the
Democratic executive not only refused to
recommend, but absolutely opposed the
removal of two taxes which would have
reduced the surplus $s0,0O0,00O.
The Democratic speaker of the House,
Mr.. Carlisle, by usurpation of power un-
Iaralleled in the history of this country, or
so far as we know, Of any other country,
refused to recognize any member of the
House to offer bill by which these taxes
would have been repealed, well knowing
that two-thirds majority of the House,
over which he presided, favored both
measures. Thus the Democratic ex-
tcutive and the Democratic legislative
power Of the country refused to recommend,
10 consider, or to pass any measure to re-
duce the surplus which they knew wa
bound to accumulate.
Instead of attempting remedial legisla-
tion this Democratic Congress passed Its
time in consideringRnd making into laws
such vicious measrSes as would result in
demorallzlng the enSse internal commerce
Of the country.
This was one side OF their conduct There
was another. They refused to pass any meas
uIe by which the money already certain to
accumulate would be expended, as it should
be, in the preparation OF Notifications TO
defend the great cities of the country
from hostile attack, They refused to ex-
pend any decent sum OF money to rebuild
the American navy. They refused to ex-
pend any money in the effort to restore the
commercial supremacy of America on the
oceans of the world. They adopted
cheese pairing, economical policy, reducing
the expenditures below what was absolutely
necessary to run the government. They did
still more. They so manipulated the legls
lation that several of the most important OF
the appropriation bills were lost, and one,
which expended millions Of dollars, suffered
pocket veto from the President because,
he alleged, he bad not time to properly ex-
anime 1t.
The result OF such couduct-of such ineiil.
ciency-is now being seen.
Commerce is demorallzed. The export
trade has fallen Off so greatly that it will
require hundred million dollars In gold
during the next fiscal year to balance the
books, instead Of there being, as there has
been, balance in our favor for the last
eleven years, ranging from twenty-six to
two hundred and slxty,flve million dollars,
an average Of $l45,O 900 excess of exports
during these eleven years.
Values are derAnged, and money is seek
ing investment in real estate, to which
refuge 1t always flies when there are danger
signals In the commercial world. Prices
are lowering. Iron, the pulse-the life
blood-of commerce, is falling Off in price.
What does all this meanH There can be